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Fairness versus efficiency : an experimental study of (mutual) gift giving

Güth, Werner; Kliemt, Hartmut; Ockenfels, Axel - 2000

Fairness is a strong concern as shown by the robust results of dictator giving and ultimatum experiments. Efficiency … provision games. In our experiment participants can increase efficiency by gift giving at the cost of reducing their own … for mutual gift giving. In both cases decisions can be conditioned on whether there is or there is not an efficiency gain …

Persistent link: https://www.econbiz.de/10009612570

The third generation (UMTS) spectrum auction in Germany

Grimm, Veronika; Riedel, Frank; Wolfstetter, Elmar - 2001

was predominantly employed in Europe. -- auctions ; telecommunications ; industrial organization ; game theory …

Persistent link: https://www.econbiz.de/10009615427

Implementing efficient market structure

Grimm, Veronika; Riedel, Frank; Wolfstetter, Elmar - 2000

This article studies the design of optimal mechanisms to regulate entry in natural oligopoly markets, assuming the regulator is unable to control the behavior of firms once they are in the market. We adapt the Clarke-Groves mechanism, characterize the optimal mechanism that maximizes the...

Persistent link: https://www.econbiz.de/10009583432

The Swiss UMTS spectrum auction flop : bad luck or bad design?

Wolfstetter, Elmar - 2001

This paper gives an account of events, and explains some systematic reasons of the UMTS auction flop in Switzerland. Apart from general market developments, which could not have been anticipated, we argue that auction design which was introduced in England and adopted in Switzerland and...

Persistent link: https://www.econbiz.de/10009614291

Quantile hedging

Föllmer, Hans; Leukert, Peter - 1998

In a complete financial market every contingent claim can be hedged perfectly. In an incomplete market it is possible to stay on the safe side by superhedging. But such strategies may require a large amount of initial capital. Here we study the question what an investor can do who is unwilling...

Persistent link: https://www.econbiz.de/10009574876

On model based seasonal adjustment procedures

Breitung, Jörg - 1998

In this note the unobserved component approach underlying the software package SEATS is compared with the Beveridge-Nelson type of decomposition for seasonal time series. The main strength of the SEATS approach lies in the appealing model formulation and the careful specification and adjustment...

Persistent link: https://www.econbiz.de/10009574877

The monetary model of the exchange rate : a structural interpretation

Moersch, Mathias; Nautz, Dieter - 1998

We emphasize the importance of properly identifying the long-run relations underlying the monetary model of the exchange rate. The separate estimation of long-run money demands leads to a "structural" error correction equation which allows an interpretation of the various channels affecting the...

Persistent link: https://www.econbiz.de/10009574885

Sequential versus independent commitment : an indirect evolutionary analysis of bargaining rules

Güth, Werner - 1998 - Rev.

Rational bargaining behavior depends crucially on the rules of bargaining, especially on whether parties decide sequentially or independently. Whereas in ultimatum bargaining the proposer can exploit the responder, independent commitments result in more balanced payoffs. To limit the scope of...

Persistent link: https://www.econbiz.de/10009574886

Smooth discrimination analysis

Mammen, Enno; Cybakov, Aleksandr B. - 1998

Discriminant analysis for two data sets in IRd with probability densities f and g can be based on the estimation of the set G = {x : f(x) ≥ g(x)}. We consider applications where it is appropriate to assume that the region G has a smooth boundary. In particular, this assumption makes sense if...

Persistent link: https://www.econbiz.de/10009574887

Local risk-minimization under transaction costs

Lamberton, Damien; Pham, Huyên; Schweizer, Martin - 1998

We propose a new approach to the pricing and hedging of contingent claims under transaction costs in a general incomplete market in discrete time. Under the assumptions of a bounded mean-variance tradeoff, substantial risk and a nondegeneracy condition on the conditional variances of asset...

Persistent link: https://www.econbiz.de/10009576212

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